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NJ S243
NJ S243Increases benefit amount under New Jersey Earned Income Tax Credit program from 40 percent to 60 percent of federal benefit amount.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill increases the benefit amount under the New Jersey Earned Income Tax Credit (EITC) program to 60 percent of the federal benefit amount beginning in Tax Year 2022. The program, which piggy-backs on the federal EITC program, currently provides a refundable tax credit under the New Jersey gross income tax equal to 40 percent of the federal benefit amount. The federal and State EITC programs are meant to provide tax relief to low- to moderate-income workers and families. In most cases, taxpayers must first file for the federal EITC before they can claim the State EITC.
AI Summary
This bill increases the New Jersey Earned Income Tax Credit (EITC) program's benefit amount from 40% to 60% of the federal EITC amount for taxable years beginning on or after January 1, 2022. The EITC is a tax relief program for low- to moderate-income workers and families that is tied to the federal EITC, meaning individuals generally must qualify for the federal credit first to receive the state credit. This change aims to provide greater financial assistance to eligible New Jersey residents.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/S243 |
| BillText | https://pub.njleg.gov/Bills/2026/S0500/243_I1.HTM |
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